South Carolina Real Estate Exam Practice Questions and Answers, Exams of Real Estate Management

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SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS The amount per $1,000 used to calculate taxes on property is the - correct answer milliage rate The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) is - correct answer superfund May eviction and foreclosure notices be delivered electronically in South Carolina? - correct answer NO How many years of sales experience must a salesperson have in order to qualify to take the brokers exam? - correct answer 3 A development map that shows the location and sizes of lots and streets is known as a - correct answer grid plan he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units? - correct answer 4 How many years must a full copy of a transaction file be held by a broker after closing? - correct answer 5 SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation? - correct answer Lessor Salespersons must present any client monies received, to their broker, within - correct answer 1 business day The net spendable income generated by an investment is referred to as - correct answer Cash flow How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records? - correct answer 5 years A recipient of a high cost loan on a property in South Carolina must - correct answer receive counseling on the advisability of the loan Mortgage "discount" points only apply if which of the following conditions are met? - correct answer The interest rate on the mortgage loan has been lowered by 1% for each point charged. SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS "Flipping" a consumer home loan means the making of a consumer home loan that refinances within how long an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower? - correct answer 42 months After getting the real estate salesperson license, how often must you take Continuing Education classes? - correct answer 10 hrs every 2 years The Truth in Lending Act (TILA) is implemented by - correct answer regulation Z Which of the following isn't part of a deed? - correct answer novation The fund set aside for replacement of common property in a condominium, PUD or cooperative project is called a: - correct answer Replacement reserve fund PITI = - correct answer Principle, Interest, Taxes, and Insurance SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS A landlord is allowed to access the premises unannounced in which they own for: - correct answer Only in case of emergency The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - correct answer Mutual Mortgage Insurance If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in a tragic car accident before the listing is sold or expired, what happens with the listing? - correct answer it is terminated Homeowner's association usually enforce - correct answer CC&Rs ARM= - correct answer Stands for adjustable-rate mortgage and one in which the interest rate adjusts periodically based on an index A conventional loan is a loan that is NOT issued by: - correct answer The government SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS An estate can best be described as: - correct answer The sum total of all the real and personal property owned by an individual at the time of death When a property value is determined by the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept, this would be termed as: - correct answer Fair market value If an agent acts in a way that prevents disclosure of something, this action is called: - correct answer concealment A lease that is often based on the Consumer Price Index and that allows for periodic increases in the rent is called a: - correct answer graduated lease What does an appraiser do? - correct answer Establish market value A licensed agent working under John, a broker, withdraws funds from John's broker trust account with John's permission. The agent is licensed but not bonded. This transaction would be: - correct answer illegal SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they could do so by: - correct answer conditional use A general agent has full authority to: - correct answer Bind the principal to all agreements Which of these is an example of a general agent that has the authority to make binding decisions on behalf of the principal: - correct answer property manager If a contract signed by two parties is bilateral but the contract is not executed, the contract is: - correct answer executory What is the difference between market value of a property and the debt on the property including all liens? - correct answer equity If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause in the contract called a(n): - correct answer accelerated clause SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS Any encumbrance placed on a property without the owner's consent is considered: - correct answer an involuntary lien Common law refers to: - correct answer An unwritten body of law based on general custom in England and used in some states to a certain degree A real estate investment trust, which is also a real estate syndicate, requires at least this many investors according to federal law? - correct answer 100 According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and telemarketers making pre-recorded telephone calls, auto-dialed calls, or text messages to residential or wireless numbers must have the: - correct answer consumers written consent If a contract is written and parts are incomplete or ambiguous, what type of agreement takes preference: - correct answer oral contract In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS with the rental payments? - correct answer a portion of the rental payment will be applied to purchasing price The Veteran's Administration is an agency of the federal government that: - correct answer Guarantees residential mortgages made to eligible veterans of the military services Which of the following are examples of negotiable instruments? - correct answer draft, check, promissory note Cash or something that is easily turned into cash is called a: - correct answer liquid asset If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for the government loan? - correct answer ginnie mae If Mary really wants to purchase John's house, and tells John's agent that she is willing to pay $560,000 for it instead of the list price of $540,000, John's agent should: - correct answer Tell john SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS Jeremy is a lender for a several loans. Once a year Jeremy performs a duty to make sure he is collecting the appropriate amount of money for the anticipated expenditures. This action that Jeremy takes is called a(n): - correct answer escrow analysis A Certificate of Reasonable Value - correct answer is issued once the appraisal has been completed on a property being purchased with a VA loan. a chattell mortgage - correct answer is a mortgage that is secured by personal property. Disposition (which can also be called alienation), refers to the disposal of something. - correct answer In real estate it is a right of alienation to do this with real property. Appurtenances are - correct answer objects, rights, or interests that are incidental to the land and go with or pertain to the land. A "blighted area" means an area that, - correct answer in its present condition and use substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS economic or social liability, and is a menace to the public health, safety, morals or welfare. The residue of an estate` - correct answer REMAINDER the process of obtaining a new loan - correct answer loan origination how many acres are in a section? - correct answer 640